Members only… how to join the select few getting top savings rates

Quids in: Being a member of a small building society can buy you access to some of the best savings rates on the market

Moving in the right circles can open doors – and the world of savings accounts is no exception. Much like enjoying the exclusivity and perks of a private members’ club, being a member of a small building society can buy you access to some of the best savings rates on the market.

Building societies often offer premier rates to loyal customers. High Street banks are less likely to reward loyalty, and often advertise better deals to new customers to lure in new business. Here we look at the secret savings deals reserved for members and what you need to do get in on the act.

Regular saver accounts that let you pay in more than a token sum

Regular saver accounts encourage people to put aside a fixed amount every month and reward their consistency with higher interest rates.

This is a good way to build a cash reserve from scratch, but some banks allow you to tuck away far less than others. Accounts open to new customers typically pay 5 to 7 per cent in interest, but limit contributions to between £300 and £500 a month – and some even less. For example, NatWest’s Digital Regular Saver pays 6.17 per cent but only lets you deposit £150 a month.

Members-only accounts for loyal customers can be more generous – here are some of the best.

Market Harborough Building Society Member Monthly Saver

As its name suggests, this is only for members of the building society. It allows you to deposit up to £3,000 a month and has an interest rate of 3.75 per cent. If every month you saved the maximum, after a year you would have earned £731.25 in interest and have a balance of £36,731.25. There is a notice period of 30 days.

Cumberland Building Society First Home Saver

This is exclusive to first-time home buyers who have Cumberland current accounts. You can save up to £1,500 a month and it pays 4.35 per cent. If £1,500 is deposited every month for a year, savers generate £425.82 in interest, paid annually on March 31.

The maximum balance is £25,000 plus interest earned. After this, you will continue to earn interest but cannot pay in further sums. The notice period is 90 days.

First-time buyers do not have to take out a mortgage with Cumberland but receive £250 cashback if they do.

Darlington Building Society Regular Monthly Saver

This allows members to put away £750 a month and pays 4.6 per cent. If you saved £750 a month for 12 months, you would earn £225.15 in interest. You can make four withdrawals without a penalty, but the fifth closes your account. The maximum investment is £30,000 and interest is paid annually. All existing members can open this account.

Yorkshire Building Society Loyalty Regular Saver

A fortnight ago, Yorkshire Building Society launched its Loyalty Regular Saver letting members squirrel away up to £500 a month. The account pays a rate of 7 per cent, making it one of the best-paying accounts on the market. Saving £500 a month would generate £227.40 in interest at the end of a year. To open the account you must have had a savings account or mortgage with Yorkshire for at least 12 months.

Saffron Building Society 12-month Regular Saver

Saffron’s members-only Regular Saver account has a £500 monthly limit and pays 5.25 per cent interest. It is only for those who have been a Saffron customer for the past 12 months. If you pay in the maximum, you would earn £170.63 in a year.

Coventry Building Society Regular Saver

Coventry Building Society recently trumped Saffron’s offer by upping the rate on its regular saver to 5.5 per cent last week. It also lets you put away £500.

Importantly, it is open to new and existing customers. You would make a little more in interest over 12 months – £178.75.

Skipton Building Society Member Regular Saver

This pays a near-market leading rate of 7.5 per cent. This is available to members who joined Skipton before May 31. If you save the maximum of £250 a month in this account, you can earn £121 in interest in a year.

…and the one easy-access deal paying 5%

Easy-access accounts that don’t require you to commit to regular saving are more readily available to newcomers. This means they are less likely to reward loyalty.

Only one easy-access account that is exclusive to existing customers comes close to the market-leading rates: Barclays’ Rainy Day Saver.

It is only available to Blue Rewards members, and pays 5 per cent on balances of up to £5,000. It costs £5 a month to become a Barclays Blue Rewards member.

If you were to save £5,000 in this account, you would earn £251.34 in interest over a year.

Other top-paying easy-access accounts include the Beehive Money Limited Issue Easy Access, paying 5.1 per cent. It is open to both new and existing customers.

This post first appeared on Dailymail.co.uk